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President Participates in Class-Action Lawsuit Reform Conversation:
George W. Bush Today:
"Some in our country think that Social Security is a trust fund -- in other words, there's a pile of money being accumulated. That's just simply not true. The money -- payroll taxes going into the Social Security are spent. They're spent on benefits and they're spent on government programs. There is no trust. We're on the ultimate pay-as-you-go system -- what goes in comes out. And so, starting in 2018, what's going in -- what's coming out is greater than what's going in. It says we've got a problem. And we'd better start dealing with it now. The longer we wait, the harder it is to fix the problem."
George W. Bush February 28, 2001: A Blueprint for New Beginnings.
Social Security as it now exists will provide future beneficiaries with the equivalent of a dismal two percent real rate of return on their investment, yet the system is headed for insolvency. Our new approach honors our commitment to Social Security by reserving every dollar of the Social Security payroll tax for Social Security, strengthening the system by making further necessary reform feasible.
Boy, and people wonder why I call this mofo a liar.
More Bullshit for New Beginnings:
Chairman Greenspan has warned against such Government involvement in private financial markets: "Having the Federal Government hold significant amounts of private assets would risk suboptimal performance by our capital markets, diminished economic efficiency, and lower overall standards of living than would be achieved otherwise."
The problem was that the government was going to be paying down the debt too fast, so we needed to cut taxes to keep the government from being to flush with cash.
Too much money? The answer... tax cuts and personal accounts.
Debt up to our eyeballs? The answer... tax cuts and personal accounts.
"Absent policy changes, the Government is projected to accumulate $3.5 trillion in excess cash balances by 2011."
But instead we got tax cuts that plunged us into the red, and now the president says that all that spending we did was coming out of Social Security and we shouldn't expect the government to honor its pledge to Social Security. Those tax cuts were sold on the promise of surplus (a dubious claim even then) and when that surplus didn't materialize they kept the tax cuts effective, even knowing that the money being used to pay for government operations would be borrowed AND taken out of Social Security payroll taxes.
Ok, so right about now you should be livid.
"So Mr President, in Feb of 2001 you said that Social Security payroll taxes would only be used to pay for Social Security, but now your saying that we've spent that money. Why did you break your promise?"
9-11 changed everything.
"If 9-11 changed everything then why didn't your policy change? Why didn't you repeal your tax cuts if you knew that you would be spending Social Security money to make up for those tax cuts? Is it safe to say that your used Payroll taxes which disproportionately tax the working class to to pay for income tax cuts that mostly benefited the wealthy?"
This is Class Warfare folks, whether you admit it or not.
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